Tax & Penalty15 May 2026, 07:01 pm
ISGEC: ₹37.74 Lakh Penalty for Excess Input Tax Credit
AI Summary
ISGEC Heavy Engineering Ltd. has received an order from the Assistant Commissioner/GSTO, Ward 62, Zone 5, Delhi, imposing a penalty of ₹2,20,112 and interest of ₹14,83,677, totaling ₹37,74,378. The penalty is related to alleged excess availment of Input Tax Credit for the FY 2022-23. ISGEC intends to file an appeal under the Goods and Services Tax Act.
Key Highlights
- ISGEC faces a total financial impact of ₹37.74 Lakh due to the penalty.
- The penalty includes ₹2,20,112 and interest of ₹14,83,677.
- The penalty is for alleged excess availment of Input Tax Credit in FY23.
- ISGEC plans to appeal the order under the GST Act.
Price Impact
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